Investment Rating - The report maintains a "Buy" rating for Supor (stock code: 002032) [2][56] Core Views - The company focuses on stability and high dividend payouts, with a dividend payout ratio of 99.74% in 2024 [5] - The company has shown consistent revenue growth, with a projected revenue of 22.979 billion yuan in 2025, reflecting a growth rate of 2.46% [2][56] - The company's return on equity (ROE) remains high, projected at 36.13% in 2025, indicating strong profitability [56] Financial Performance Summary - **Revenue Forecasts**: - Total revenue for 2024 is expected to be 22.427 billion yuan, with a growth rate of 5.27% [2][56] - Projected revenues for 2025, 2026, and 2027 are 22.979 billion yuan, 23.686 billion yuan, and 24.573 billion yuan respectively [2][56] - **Net Profit Forecasts**: - The net profit attributable to the parent company for 2024 is forecasted at 2.244 billion yuan, with a growth rate of 2.97% [2][56] - Expected net profits for 2025, 2026, and 2027 are 2.328 billion yuan, 2.398 billion yuan, and 2.490 billion yuan respectively [2][56] - **Earnings Per Share (EPS)**: - The diluted EPS for 2024 is projected to be 2.80 yuan, with forecasts of 2.90 yuan, 2.99 yuan, and 3.11 yuan for the following years [2][56] - **Price-to-Earnings (P/E) Ratio**: - The P/E ratio is expected to be 19.10x in 2025, decreasing to 17.86x by 2027, indicating a potential for valuation improvement [2][56] Business Segmentation - **Revenue by Segment**: - The electrical appliances segment generated 15.3 billion yuan in 2024, while the cookware segment contributed 6.836 billion yuan [6] - **Sales Performance**: - Domestic sales in 2024 are projected at 14.925 billion yuan, with a slight decline of 1.2% year-on-year [7] - Export sales are expected to reach 7.502 billion yuan in 2024, reflecting a significant increase [7] Market Trends - The small home appliance market is experiencing weak demand, particularly in kitchen appliances, while cleaning and personal care appliances are performing better [5] - The company has improved its marketing efficiency on platforms like Douyin to boost sales [5] - The export market is recovering, with significant growth in orders from SEB, projected to reach 73.69 billion yuan in 2025, a 4.6% increase from 2024 [5][7]

Investment Rating - Investment rating is maintained as "Buy" [3] Core Views - The company is expected to benefit from domestic sales recovery driven by national subsidies in 2025, while international sales are anticipated to maintain steady growth due to SEB's global expansion. The focus on product innovation and supply chain efficiency is likely to enhance profitability [8] - Revenue forecasts for 2025-2027 are projected at 23.86 billion, 25.20 billion, and 26.49 billion yuan, reflecting year-on-year growth of 6.4%, 5.6%, and 5.1% respectively. Net profit attributable to the parent company is expected to be 2.42 billion, 2.57 billion, and 2.73 billion yuan, with year-on-year growth of 7.6%, 6.6%, and 6.1% respectively [8] Revenue Analysis - In 2024, the company reported revenue of 22.43 billion yuan, a year-on-year increase of 5.3%. The net profit attributable to the parent company was 2.24 billion yuan, up 3.0% year-on-year [10] - Domestic sales in 2024 saw a slight decline of 1%, but are expected to recover in 2025 with the inclusion of rice cookers and water purifiers in national subsidies [10] - International sales in 2024 increased by 21%, with a projected slight growth in Q4 despite high base effects. The sales from SEB-related transactions reached 7.05 billion yuan, a 19% increase [10] Profitability Analysis - The gross margin for Q4 was 25.2%, with year-on-year and quarter-on-quarter changes of -3.5 and +0.5 percentage points respectively. The annual gross margin for 2024 was 24.7%, down 1.7 percentage points year-on-year [10] - The net profit margin for Q4 and 2024 was down by 0.1 and 0.2 percentage points year-on-year respectively, with the sales expense ratio contributing positively [10] Financial Forecasts - Key financial metrics for 2024A to 2027E include: - Revenue: 22.43 billion, 23.86 billion, 25.20 billion, 26.49 billion yuan - Net profit: 2.24 billion, 2.42 billion, 2.57 billion, 2.73 billion yuan - Gross margin: 24.7%, 25.1%, 25.2%, 25.3% - Return on equity (ROE): 34.9%, 40.9%, 42.0%, 42.3% [13][14]

Investment Rating - Investment rating is maintained as "Buy" [3] Core Views - The company is expected to benefit from domestic sales recovery driven by national subsidies in 2025, while international sales are anticipated to maintain steady growth through SEB's global expansion. The focus on product innovation and supply chain efficiency is likely to enhance profitability [8] - Revenue forecasts for 2025-2027 are projected at 238.6 billion, 252.0 billion, and 264.9 billion yuan, reflecting year-on-year growth of 6.4%, 5.6%, and 5.1% respectively. Net profit attributable to the parent company is expected to be 24.2 billion, 25.7 billion, and 27.3 billion yuan, with year-on-year growth of 7.6%, 6.6%, and 6.1% respectively [8] Revenue Analysis - In 2024, the company reported revenue of 224.3 billion yuan, a year-on-year increase of 5.3%. The net profit attributable to the parent company was 22.4 billion yuan, up 3.0% year-on-year [10] - Domestic sales in 2024 saw a decline of 1%, but are expected to recover in 2025 with the inclusion of rice cookers and water purifiers in national subsidies [10] - International sales in 2024 increased by 21%, with a projected slight growth in Q4 despite high base effects. The sales from SEB-related transactions reached 7.05 billion yuan, a 19% increase [10] Profitability Analysis - The gross margin for Q4 was 25.2%, with year-on-year and quarter-on-quarter changes of -3.5 and +0.5 percentage points respectively. The annual gross margin for 2024 was 24.7%, down 1.7 percentage points year-on-year [10] - The net profit margin for Q4 and 2024 was down by 0.1 and 0.2 percentage points year-on-year respectively [10] Financial Projections - Key financial metrics for 2024A include operating revenue of 22,427 million yuan, net profit of 2,244 million yuan, and a gross margin of 24.7% [13] - Projections for 2025E include operating revenue of 23,856 million yuan, net profit of 2,415 million yuan, and a gross margin of 25.1% [13]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a total revenue of 22.43 billion yuan in 2024, representing a year-on-year increase of 5.3%, and a net profit attributable to shareholders of 2.24 billion yuan, up 3.0% year-on-year [1][2] - The company has shown strong growth in exports, with a year-on-year increase of 21.07% in export revenue, while domestic sales decreased by 1.21% [1] - The company has a high dividend payout ratio of 99.74%, with a total dividend amounting to 2.2387 billion yuan for the end of 2025, reflecting a commitment to shareholder returns [2] Financial Performance Summary - Revenue and Profit Forecast: The company is expected to achieve net profits of 2.40 billion yuan, 2.53 billion yuan, and 2.66 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 7.0%, 5.3%, and 5.2% [2] - Gross Margin: The gross margin for 2024 is reported at 24.7%, a decrease of 1.7 percentage points year-on-year [2] - Net Profit Margin: The net profit margin for 2024 is 10.0%, down 0.2 percentage points year-on-year [2] Product and Market Analysis - Product Performance: In 2024, the cooking appliances segment saw a decline of 2.57%, while food processing appliances, cookware, and other home appliances grew by 9.09%, 12.88%, and 8.89% respectively [1] - Market Share: The company has been able to increase its market share in core categories through continuous innovation and strong channel advantages [1] Regional Performance - Domestic vs. International Sales: Domestic sales decreased by 1.21%, while international sales increased significantly by 21.07%, indicating a shift towards stronger export performance [1]

公司报告 | 年报点评报告 苏泊尔（002032） 证券研究报告 外销增速亮眼，公司维持高股息高分红 事件：公司 2024 年实现营业收入 224.27 亿元，同比+5.27%，归母净利润 22.44 亿元，同比+2.97%；其中 2024Q4 实现营业收入 59.15 亿元，同比 -0.37%，归母净利润 8.12 亿元，同比-0.73%。向全体股东每 10 股派发现金 红利 28.10 元（含税），分红比例 100%，股息率 5.06%。 2024 年公司毛利率为 24.65%，同比-1.65pct，净利率为 10.01%，同比 -0.22pct；其中 2024Q4 毛利率为 25.16%，同比-3.47pct，净利率为 13.75%， 同比-0.03pct。分品类看，24A 各品类毛利率同比有不同程度的下降，其 中炊具及用具毛利率同比降幅最大，为-1.35pct。分地区看，24A 内外销 毛利率同比+0.43/-1.84pct，外销毛利率同比下降较为明显。 公司 2024 年销售、管理、研发、财务费用率分别为 9.73%、1.77%、2.09%、 -0.32%，同比-1.06、-0.08、+0.07、- ...

Group 1 - CIMC reported a net profit of RMB 29.72 billion for 2024, a year-on-year increase of 605.60% [1] - CIMC's revenue reached RMB 1,776.64 billion, up 39.01% from the previous year [1] - The container manufacturing segment generated revenue of RMB 622.05 billion, a 105.89% increase year-on-year [1] Group 2 - CIMC Vehicles reported revenue of RMB 209.98 billion, a decrease of 16.30% year-on-year [2] - Net profit for CIMC Vehicles fell to RMB 10.81 billion, down 55.83% compared to the previous year [2] - The decline in net profit was attributed to normalization of North American business and non-recurring gains from a previous equity disposal [2] Group 3 - SMIC's revenue for 2024 was RMB 57,795.6 million, an increase of 27.7% year-on-year [3] - The net profit for SMIC decreased by 23.3% to RMB 3,698.7 million [3] - The increase in revenue was driven by a rise in wafer sales volume, which increased by 36.7% [3] Group 4 - Haier Smart Home achieved a net profit of RMB 187.41 billion, a year-on-year increase of 12.92% [4] - The company reported revenue of RMB 2,859.81 billion, up 4.29% from the previous year [4] - The gross margin for Haier Smart Home was 27.8%, an increase of 0.3 percentage points from 2023 [4] Group 5 - CNOOC reported a net profit of RMB 137.94 billion for 2024, an increase of 11.4% year-on-year [6] - The company's revenue was RMB 420.51 billion, a slight increase of 0.9% from the previous year [6] - CNOOC's oil and gas production reached 199 million barrels of oil equivalent per day [6] Group 6 - CNOOC's oil liquid sales volume increased by 9.4% to 562.9 million barrels [7] - The average realized oil price was USD 76.75 per barrel, a decrease of approximately 1.6% [7] - The company achieved a reserve replacement rate of 167% with 11 new discoveries [7] Group 7 - China Merchants Securities reported a net profit of RMB 103.86 billion, an increase of 18.51% year-on-year [8] - The company achieved revenue of RMB 208.91 billion for the year [8] - Wealth management and institutional business contributed RMB 102.33 billion to the revenue [8] Group 8 - China Merchants Energy reported a net profit of RMB 51.07 billion for 2024 [9] - The company's revenue was RMB 257.99 billion, with a slight decrease of 0.32% [9] - The revenue decline was influenced by fluctuations in the oil tanker market [9] Group 9 - Industrial Bank achieved a net profit of RMB 772.05 billion, a year-on-year increase of 0.12% [11] - The bank's revenue was RMB 2,122.26 billion, up 0.66% from the previous year [11] - The non-performing loan ratio was 1.07%, indicating stable asset quality [11] Group 10 - Weichai Power reported a net profit of RMB 114.03 billion, a year-on-year increase of 26.51% [12] - The company's revenue reached RMB 2,156.9 billion, up 0.81% [12] - The sales of various engines totaled 734,000 units, with a 5% increase in exports [13] Group 11 - Lens Technology achieved a net profit of RMB 36.24 billion, a year-on-year increase of 19.94% [14] - The company reported revenue of RMB 698.97 billion, up 28.27% [14] - The smartphone and computer segments contributed significantly to revenue growth [14] Group 12 - Shandong Gold reported a net profit of RMB 29.52 billion, a year-on-year increase of 26.80% [15] - The company's revenue was RMB 825.18 billion, up 39.21% [15] Group 13 - Huadian International achieved a net profit of RMB 57.03 billion, a year-on-year increase of 26.11% [16] - The company's revenue was RMB 1,129.94 billion, a decrease of 3.57% [16] Group 14 - Postal Savings Bank reported a revenue of RMB 348.77 billion, a year-on-year increase of 1.83% [16] - The bank's net interest income was RMB 286.12 billion, up 1.53% [16] Group 15 - Joyoung reported a net profit of RMB 1.22 billion, a year-on-year decrease of 68.55% [17] - The company's revenue was RMB 8.85 billion, down 7.94% [17] Group 16 - Shanghai Pharmaceuticals achieved a net profit of RMB 45.53 billion, a year-on-year increase of 20.82% [18] - The company's revenue was RMB 2,752.51 billion, up 5.75% [18] Group 17 - CITIC Securities reported a net profit of RMB 72.23 billion, a year-on-year increase of 2.68% [19] - The company's revenue was RMB 211.29 billion, down 9.1% [19] Group 18 - Three squirrels plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange [21] - The company aims to enhance global brand recognition and expand overseas financing capabilities [21] Group 19 - CIMC announced the termination of the spin-off of its subsidiary CIMC Tianda for listing on the Shenzhen Stock Exchange [22] - The decision was made for comprehensive considerations regarding business development and capital operation planning [22] Group 20 - CNOOC's subsidiary CIMC Tianda withdrew its IPO application [23] - The expected fundraising amount was RMB 1.41941 billion [23]

Core Viewpoint - Supor's strong dividend policy reflects its commitment to shareholder interests and confidence in future growth, supported by robust profitability and market potential [2]. Financial Performance - In 2024, Supor achieved a revenue of 22.427 billion yuan, a year-on-year increase of 5.27% - The net profit attributable to shareholders was 2.244 billion yuan, up 2.97% year-on-year [1]. - The company proposed a cash dividend of 28.10 yuan per 10 shares, totaling 2.239 billion yuan, maintaining a nearly 100% cash dividend payout ratio [1]. Dividend History - Since its listing in 2004, Supor has distributed dividends 23 times, with a cumulative payout of 15.742 billion yuan [1]. - The dividend payout ratio has consistently remained above 80%, with rates of 80.22% in 2021, 166.75% in 2022, and 99.8% in 2023 [1]. - The dividend yield for the years 2021 to 2023 was 3.10%, 8.65%, and 5.15% respectively [1]. Business Segments - In the product business segment, the cookware division generated revenue of 6.836 billion yuan, a year-on-year increase of 12.88% - The electrical appliances segment achieved revenue of 15.300 billion yuan, up 2.25% year-on-year [2]. - Domestic sales faced challenges with a revenue of 14.925 billion yuan, down 1.21% year-on-year, while international sales grew significantly to 7.502 billion yuan, a 21.07% increase [2]. Market Position - Supor's market share in the cookware sector continues to grow, maintaining the top position in both online and offline markets [2]. - The company outperformed the industry average in the kitchen small appliances sector, with increased market shares in both online and offline channels [2]. Future Strategy - In 2025, the domestic kitchen cookware and small appliances industry will face both challenges and opportunities - The company plans to upgrade product structures to stimulate demand for traditional product replacements and explore new categories and scenarios for growth [3].

Core Viewpoint - Supor (002032.SZ) reported its 2024 annual results, highlighting significant institutional ownership and changes in fund holdings [1] Group 1: Institutional Ownership - As of March 27, 2025, 50 institutional investors disclosed holdings in Supor A-shares, totaling 739 million shares, which represents 92.18% of Supor's total share capital [1] - The top ten institutional investors collectively hold 91.81% of the shares, with a decrease of 2.24 percentage points compared to the previous quarter [1] Group 2: Public Fund Holdings - Four public funds increased their holdings this period, including Southern S&P China A-share Large Cap Dividend Low Volatility ETF and Invesco Great Wall CSI Dividend Low Volatility 100 ETF, with an increase rate of 0.22% [2] - Four public funds decreased their holdings, with a slight decline in the overall holding percentage [2] - A total of 17 new public funds were disclosed this period, including various mixed and equity funds [2] - 25 public funds were not disclosed this period, indicating a shift in fund activity [2] Group 3: Social Security and Foreign Fund Holdings - One social security fund, the National Social Security Fund 414 Portfolio, was not disclosed this period [3] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 1.95% compared to the previous quarter [3]

浙江苏泊尔股份有限公司 股票代码：002032 股票简称：苏泊尔 公告编号：2025-022 浙江苏泊尔股份有限公司 关于开展外汇衍生品套期保值业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 重要内容提示： 1. 交易目的：对冲经营活动中的汇率风险，降低汇率波动对公司的影响。 2. 交易种类：以套期保值为目的远期和互换等外汇衍生品。 3. 拟持有合约金额：任一交易日持有的最高合约价值不超过 10,000 万美元或等额其他货币，在 持有最高合约价值的范围内，可循环使用。 4. 已履行的审议程序：公司于 2025 年 3 月 27 日召开第八届董事会第十四次会议以 8 票通过，0 票反对，0 票弃权，0 票回避审议通过。 5. 特别风险提示：可能产生因标的利率、汇率等市场价格波动而造成外汇衍生品价格变动而造成 亏损的市场风险。 一、投资情况概述 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）第八届董事会第十四 次会议审议通过《关于开展外汇衍生品套期保值业务的议案》，同意公司及控股子公司使用资金总额 不超过10,000万美元或等额其他 ...

浙江苏泊尔股份有限公司 浙江苏泊尔股份有限公司 2024 年度监事会工作报告 2024 年度，公司监事会全体监事严格按照《公司法》、《证券法》及其他法律、法规、规 章和《公司章程》及《监事会议事规则》的规定，本着勤勉尽责的工作态度以及对全体股东 负责的精神，认真履行有关法律、法规赋予的职权，积极有效地开展工作，对公司依法运作 情况和公司董事、高级管理人员履行职责情况进行监督，维护了公司及股东的合法权益。现 将 2024 年主要工作报告如下： 一、2024 年度监事会召开会议情况： 报告期内，公司监事会共召开了七次会议： 1、2024 年 1 月 26 日，第八届监事会第六次会议以通讯表决的方式召开，该次会议审 议通过了《关于 2021 年限制性股票激励计划第一个解除限售期解除限售条件成就的议案》； 该次监事会决议公告已刊登在 2024 年 1 月 27 日《证券时报》、《中国证券报》和《证券 日报》和公司指定信息披露网站巨潮资讯网 http://www.cninfo.com.cn。 2、2024 年 3 月 29 日，第八届监事会第七次会议以现场表决的方式召开，该次会议审 议通过了《2023 年度监事会工作报 ...